Business law: Many over 50 starting new businesses

On Behalf of | Jul 27, 2018 | Business Law, Firm News

As one long work week grinds into another, many Pennsylvania workers yearn for the days of retirement. In addition to making their estate plans to provide adequate income, those nearing 50 may plan to downsize their homes to allow extra money and time for travel, hobbies and long days of doing nothing in particular. However, a surprising new survey shows that a large portion of the over-50 crowd has no intention of kicking back during retirement. In fact, many are consulting experts in business law about their options as entrepreneurs.

The survey reveals that over half of the small business owners in the country are over the age of 50, and some of them are even in their 70s. The most common venture for entrepreneurs over 50 is servicing other businesses. Also, starting their own restaurants seems to be a dream many people work toward for their retirement. Others go into the retail, automotive or fitness industries.

The reasons vary for starting their own business so close to the age when many are considering retiring. Most say it was always a passion to be an entrepreneur, while others simply took advantage of an opportunity. While their companies are relatively small, almost half of the 50-plus business owners have employees on the payroll. More than 64 percent anticipate expanding their businesses.

Maintaining a profitable business often translates to overall happiness and quality of life. Profitability is more likely when the business runs smoothly with few legal snags. Having the advocacy and advice of a business law attorney can provide the support an entrepreneur needs for success, whether the Pennsylvania business owner is seasoned in life or just starting out.

FindLaw Network